Browse Tag: Contracts

Academic content related to contracts. This includes essays, assignments and sample answers, research papers, book reviews, article summaries and much more.

Analyze the Remedies for Breach of Contract : Memo – Assignment Instructions

Candie Cardigan as a representative for CARDWARE has decided to auction her strapless giraffe print dress made of silk, satin with velvet markings. This particular dress was used in a movie filmed in S. Africa. The dress had been show cased among other famous dresses in the Silkadonia Actors Guild Museum. Cassie Cardigan was chosen to act as the auctioneer for World Wide Auction House. The bidding for the dress began at $5,000. Pearl has been looking forward to participating in the auction for this dress for over three months. Pearl raised her auction paddle and bid the initial $5,000. Jade also wanted the giraffe print dress and upped the ante to $5,500. The two battled the bidding to where it appeared that Pearl got the dress for $8,500.00, as Cassie smiled and nodded at Pearl.

Candie and Jade had been friends for years, as they had modeled together growing up as children. Candie quietly told Cassie to sell the dress to Jade. When Pearl presented $8,500 to Cassie, Cassie refused to take her money claiming that the dress was to go to Jade. Cassie further explained that Jade had allegedly had raised her paddle after Pearl’s final bid and showed five fingers meaning that she was bidding $500.00 more over the $8,500.00 bid made by Pearl. In reality, no such action by Jade had taken place.

Pearl now wants to sue for breach of contract. She has come to your office asking for your help. She wants you to request that Candie turn the dress over to her for the $8,500 that she bid. Your supervising attorney Les Agne indicates that you should investigate a cause of action for breach of contract, as well as a cause of action based on specific performance. Be aware of whom the true Plaintiff may be in this potential case and who causes of action may be brought against. Also, Les has scribbled the following notes to help you with organizing your thoughts regarding Specific Performance.

Dear Paralegal:

After you establish a contract exists as a result of the auctioning of the giraffe print dress, you may want to consider the following with regard to specific performance:

  • You must have a contract in place
  • The remedy at law must not be adequate (hence damages alone will not provide relief to the party who is seeking specific performance.
  • The remedy must be enforceable
  • If one party can bring the action for specific performance, so can the other if the positions were reversed.
  • If there were any conditions to the contract, all were.
  • Be sure to discuss defenses with regard to the contract. In other words, what will Candie or the Auction House say in response to there being a contract?

Assignment Instructions:

Please write me a memorandum in the following format:

Date:

To: Les Agne, Attorney at law

From: [Your Name]

Re: Potential Causes of Action for Breach of Contract and Specific Performance

Organize your memorandum with an introduction, body, and conclusion.

Note: Your memorandum length of 2–3 pages is separate from the cover sheet and reference page.

Avoid the use of first person.

Provide in-text citations. If a reference is listed in your reference page, make sure it is displayed within your submission where you retrieved information from.

Provide hanging indents where needed.

Double space throughout your submission, including throughout your reference page. Note: This includes between your references.

Your reference page should be separate from the body of your submission.

Use Times New Roman size 12 font.

Provide an APA formatted cover sheet.

 

Critically evaluate the concept of “relative bargaining power” in the contractual relationship between

Relative Bargaining Power – Paper instructions:

Assignment Title/Question : Critically evaluate the concept of “relative bargaining power” in the contractual relationship between host-governments and international oil companies in the early stages of an E&P contract.

You must support your answer with relevant and appropriate examples.

You are required to develop a well presented and logically structured essay on the concept of ‘relative bargaining power’.

Basically you are evaluating the respective parties (Host States and IOC’s) bargaining powers and how the pre-contractual negotiations subsequently translate into a full blown E & P contract. Evaluate which party has more bargaining power and why is this so? Look at the following issues :-

(1)    The asymmetry of information in the hands of the IOCs
(2)    Their technical expertise, and
(3)    They are financing the project development.

Compare this with concession agreements – how do these differ?

Also look at royalty payments and returns, and see how these payments and returns affect the relative bargaining power of the parties.

You should aim to develop a number of competing arguments on the dynamics of the relationship between the host-governments and IOCs.

You are to provide a balanced view of the issues involved and whether contractual relationships are sustainable in the long-term in oil producing countries without strong legal frameworks for enforcing contracts.

Federal Contracting Activities and Contract Types

The Department of Defense plans to issue a $400,000 government contract to a company that specializes in drone navigation technologies. As a result, a government auditor has been contacted to examine the operational data VectorCal and one competitor (previously identified as NavoTech) in order to decide which company should win the government contract.

Note: You may create and /or make all necessary assumptions needed for the completion of this assignment.

Write a six to eight (6-8) page paper in which you:

  1. Create a one-page overview of the history and background of each company vying for the government contract.
  2. Specify at least one (1) of the recent major contracts that was awarded to both companies. Explain the fundamental reasons why both companies were awarded the contract(s) that you specified.
  3. Determine the type(s) of contract for which both companies might be eligible (e.g., fixed-price, cost reimbursement, etc.). Justify your response.
  4. Discuss at least three (3) direct costs and three (3) indirect costs that each company incurred during the production of its navigation system. Explain the manner in which this data would factor into your decision as to which company would be more eligible to receive the contract.
  5. Suggest which company should be awarded this government contract based on the data that was presented for each company. Next, provide three to five (3-5) reasons to support your stance.
  6. Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.

The specific course learning outcomes associated with this assignment are:

  • Specify the government policies regarding profit and pricing adjustments for contracts.
  • Evaluate the role played by contract auditors.
  • Use technology and information resources to research issues in cost and price analysis.
  • Write clearly and concisely about cost and price analysis using proper writing mechanics.

Unfulfilled Contract

Bob, a merchant seller, had contracted with Acme U.S., to buy welding equipment. The contract stipulated that Bob would pick up the equipment from the Acme U.S. warehouse on the 14th day from the date of the contract. But Bob could not make the pick up on that date and before he could do so on the 15th day, the warehouse was burned down by juvenile delinquents. In this situation, who bears the risk of loss of the goods that were to be received by Bob? Explain the relationship between the parties under the Uniform Commercial Code in your answer.

Contract Manager’s Responsibilities

Contract managers perform various duties over the course of a contract. To begin with, they control variations to the contract in terms of change of policy, quality, quantity, price, timing and delivery. Variations in this case refer to the amendment of a contract which changes the original terms and conditions of the agreement. Contract managers are therefore required to ensure that a contract is not varied to the extent that it alters the services offered or the pricing and even the nature of goods and services offered (Shaik, 2014). A contract should only be varied in distinct circumstances, with the contractor and the acquiring entity coming into an agreement that is either written or oral.  A contract manager is expected to also ensure that a contract is not varied due to serious problems such as poor performance. Contract managers should know the real reason behind variation of a given contract. Contract managers also need to ensure that for the terms and conditions of a contract to vary, the involved parties must present parts of the original transaction.

Another role of a contract manager is to manage disputes. Human beings have different, conflicting ideas which get them into conflicts. A dispute is said to have occurred when the two parties are not able to agree on an aspect with regard to the contract. A control manager therefore, is expected to be rational and unbiased in order to contain such conflicts by identifying the root cause of the problem and then addressing it.  The manager should refer a conflict between both parties to the contract resolution mechanism that was agreed upon at the time of signing the contract (Shaik, 2014). Sound understanding of their responsibilities by both parties helps to reduce disagreements within the tenure of a contract. To avoid escalation of disagreements, a control manager should recognize a dispute at an early stage. Unresolved conflicts can greatly affect the contract and in a worse scenario leading to termination of a contract. A contract manager can employ various forms to resolve a dispute. Negotiation tactics, litigation, arbitration or mediation can be used to solve disagreements.

Differences Between a Contract and a Strategic Initiative

There are distinct differences between a contract and a strategic initiative. First, a contract is an agreement that is legally binding between two or more parties, while a strategic initiative in an organizational tool that helps in achievement of organizational goals. Strategic initiatives are seen as means over which an organizational vision is transformed into practice. Therefore whatever is written down in a contract can only be achieved with the use of strategic initiative skills.  Contracts have to be signed by the concerned parties in the case of written contracts, and commitments of fulfillments agreed upon, while a strategic initiative is written down by members of the organization without signing (Nijssen, 2014). ). It is important to add that contracts are only written once, and signed for security and accountability reasons, while strategic initiatives are mostly written and reviewed on a monthly basis by the leadership team so as to ascertain the performances of the organization. This shows that contractual performances cannot be evaluated without the use of strategic initiatives. The other difference is that contracts are regulated by the laws of the given region, and any violations like the invalid contracts can lead to legal problems. Strategic initiatives on the other hand have no restrictions whatsoever, and members of an organization can create and abolish initiatives at their own will, as long the desired organizational objectives and goals are achieved. This means that contracts have standard regulations that have to be adhered to by all the parties signing it, while strategic initiatives despite of having standard templates, the leaders can choose what to include and exclude. Strategic initiatives are therefore more flexible in terms of its usability compared to contracts.

Contract Definition And Components

What is Contract?

A contract is basically an intended plan concerning two or more parties and which is enforceable by law as a legally binding agreement.

What are the components of a legal contract?

The contract is only considered to be valid and legal if it contains the six essential components. One of them is that, it should entail an offer and acceptance note. A contract is usually formed when one party makes an offer and the other party accepts the offer, in exchange of desired benefits. A good contract is one in which both parties benefit from the agreement to avoid chances of causing conflicts in future (Corey, 2015). The other component is the intention between the parties to form binding relations; these intentions are legally bound by the contract. This is followed by consideration, which is the promise of something that is valuable given by the promisor to the promised party in exchange of the desired benefits. The other one is that legal parties for the mentioned parties should have the legal capacity be to enforce contracts. For example, minors below the age of 18 years may not have the legal capacity to sign a contractual agreement. The next one entails the genuine consent of the parties, it is mandatory that all contracts are written down; some may be made orally or even by conduct, depending on the genuine consent of concerned parties. The final component is the legality of the agreement, a contact is deemed to be illegal if it promotes individuals to commit crimes, or the parties lack the capacities to enforce contracts.

What must parties agree before a contract can be entered into?

Before a contract is signed, concerned parties must consider and agree on several factors beforehand. The first one is that, they must agree on the agreement process. This entails the process of one side of the party offering the desired terms and conditions that guide the process, and the other party either accepts or rejects the conditions. The offers changes to a counter-offer if the party changes the terms and conditions being offered. When this happens, the parties negotiate on the most appropriate terms that will benefit both parties, and upon making proper decisions, the agreement can be signed. The must also agree on the desired obligations and conditions of the contract (Gilbert, 2012). They have to ensure that all parties know and accept their obligations, and what they have to do to ensure that the terms and conditions in the contract are fulfilled to the latter end. They must also agree on the performances of each party, how they are going to be evaluated and monitored to ensure that transparency is maintained. The other factor is payment terms, how they are going to finalize the payments and fulfillment of the promises pledged. Finally, they have to agree on the right mode of punishment in the event that one of the concerned parties decides to breach the signed contract, and what should happen if both parties fail to fulfill their deal in the agreement.

As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities.

As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities.  You have agreed to provide a detailed report illustrating the use of several techniques for evaluating capital projects including the weighted average cost of capital to the firm, the anticipated cash flows for the projects, and the methods used for project selection.  In addition, you have been asked to evaluate two projects, incorporating risk into the calculations.

You have also agreed to provide an 8-10 page report, in good form, with detailed explanation of your methodology, findings, and recommendations.

Company Information

Wheel Industries is considering a three-year expansion project, Project A.  The project requires an initial investment of $1.5 million. The project will use the straight-line depreciation method. The project has no salvage value. It is estimated that the project will generate additional revenues of $1.2 million per year before tax and has additional annual costs of $600,000.  The Marginal Tax rate is 35%.

Required:

  1. Wheel has just paid a dividend of $2.50 per share. The dividends are expected to grow at a constant rate of six percent per year forever. If the stock is currently selling for $50 per share with a 10% flotation cost, what is the cost of new equity for the firm? What are the advantages and disadvantages of using this type of financing for the firm?
  2. The firm is considering using debt in its capital structure. If the market rate of 5% is appropriate for debt of this kind, what is the after tax cost of debt for the company? What are the advantages and disadvantages of using this type of financing for the firm?
  3. The firm has decided on a capital structure consisting of 30% debt and 70% new common stock. Calculate the WACC and explain how it is used in the capital budgeting process.
  4. Calculate the after tax cash flows for the project for each year. Explain the methods used in your calculations.
  5. If the discount rate were 6 percent calculate the NPV of the project. Is this an economically acceptable project to undertake? Why or why not?
  6. Now calculate the IRR for the project. Is this an acceptable project? Why or why not? Is there a conflict between your answer to part C? Explain why or why not?

 

Wheel has two other possible investment opportunities, which are mutually exclusive, and independent of Investment A above.  Both investments will cost $120,000 and have a life of 6 years. The after tax cash flows are expected to be the same over the six year life for both projects, and the probabilities for each year’s after tax cash flow is given in the table below.

Investment B
Investment C
Probability After Tax

Cash Flow

Probability After Tax

Cash Flow

0.25 $20,000 0.30 $22,000
0.50   32,000 0.50   40,000
0.25   40,000 0.20   50,000

 

  1. What is the expected value of each project’s annual after tax cash flow? Justify your answers and identify any conflicts between the IRR and the NPV and explain why these conflicts may occur.
  2. Assuming that the appropriate discount rate for projects of this risk level is 8%, what is the risk-adjusted NPV for each project? Which project, if either, should be selected? Justify your conclusions.

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Terminating Government Contracts

Termination for default as cost saving measure

Examine the manner in which termination for default can be categorized as both a cost savings measure and a creator of additional cost. Provide one (1) example to support your response. 

No cost settlement

In the event that work has scarcely started or if all things can be attractively redirected, it is conceivable that the foreman will have the capacity to sign a discharge of risk and impact a no-expense settlement: Many bigger firms waive their case if the dollar sum is ostensible, accordingly evading the red tape and included expenses of experiencing the official end method (James, 1963, p.70).

There is an extensive contrast in the treatment of end claims between settled value and expense repayment contracts. Under a settled value end, all expenses (counting subcontractor claims) also, benefit are incorporated in the case. On an expense repayment end, a contractor may choose to proceed to voucher expenses in the ordinary style, with his case basically being a proposed acclimation to his charge (which can be put together by letter), or he may choose to stop vouchering and incorporate expenses not vouchered to date in his case along with a proper charge modification. In both cases stock timetables must be submitted and additionally a Schedule of Accounting Information, DD Form 546, where fitting (Feldman, 2013). The Regulations put a six-month breaking point on vouchering out under a totally ended contract’ Initially, give us a chance to analyze the strides needed in arrangement of an end claim under a settled value get the cost of which may be firm or redeterminable (James,1963,p.70).

Conclude the manner in which the termination for default clause impacts contracts when it is also both a cost savings method and a creator of cost mechanism.  Provide a rationale for your response.

Termination for default as creator of additional cost

Terminations for default quite often deliver venture postponement, expense overwhelms, broken business connections, legal counselors and claims. The danger of these antagonistic results can be diminished by your utilization of a privilege to supplement the work teams of a defaulting builder. A decent “right to supplement” provision is fundamental. On the off chance that end gets to be important, your first utilization of the less uncommon cure of supplementation will offer assistance induce a court or assertion board that you acted sensibly and investigated other conceivable outcomes before practicing your end rights.

Since the privilege to cross out your agreement commitments to another gathering is such an uncommon activity and the results for the ended party so regularly shocking, courts intently examine the ending party’s activity of end rights. On the off chance that the ending party neglects to touch the greater part of the agreement bases important to legitimize the end, a court might find that the end was “wrongful” and honor the ended party the estimation of the work performed, lost benefits on any unperformed work, and in addition other direct or noteworthy harms. Therefore, in the activity of end rights, it is critical to take after absolutely each contractually obliged stride in the end process. Generous agreeability with the end provision is sufficiently bad. Take no short cuts. Do it entirely by the book. Utilize “default” as end rights are conjured. Obviously convey a goal to summon the end condition and—if an execution bond surety is included obviously demonstrate the goal to call upon the surety to perform. At the end of the end notice period, affirm that the agreement is ended, regardless of the possibility that a second notice is not needed by the agreement (Riggs, 2014).

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Consulting Contract Sample Paper

This Contract is made on 10th January 2016 between the Hospital Department (the “Department”) and Name (the “Consultant”). WHEREAS, the Consultant, is allowed by law to execute restricted consulting services for varied organizations; WHEREAS, the Department requires the Consultant to offer it assistance and advice in her or his professional field; and WHEREAS, the Consultant agrees to offer such assistance and advice to the Department in line with this Contract’s conditions and terms;

NOW, FOR THAT REASON, the Consultant and the Department at this point are in agreement as follows:

  1. Boundaries of Consultant Analysis and Contract’s Objectives

(a) Dependent on this Contract’s conditions and terms, the Department at this point retains Consultant as its technical advisor to execute the following two consulting services ONLY:

  • Establish why the Department’s project teams have not been meeting the set productivity targets semi-annually for three years
  • Establish why the Department’s project teams have not been offering patient-related information within the set timelines semi-annually for three years

(b) The Department may request for other consulting services from the Consultant in writing periodically, and Consultant concurs, in line with this Contract’s conditions and terms, to offer the additional services when the Contract is still effective. The additional services shall be constrained to the Consultant’s professional field as agreed on periodically. The commitment of the Consultant hereunder shall be limited to 30 days per annum.

  1. Information to Be Sought by Consultant and Consultant’s Role

(a) It is appreciated that the Consulting is aimed at providing regular reviews, as well as advice, pertinent to particular Department matters, and both the Department and the Consultant will not draw benefits from any inaccurate commentary or advice given by the Consultant based on inadequate information. Towards that end, the Department and its staff members shall offer Consultant, before meetings, sufficient, unbiased, and accurate information for reviewing the subject issue thereof. The Department and its staff members shall promptly offer Consultant additional information that the latter considers pertinent to drawing any relevant conclusions pertinent to the subject issue thereof.

(b) The Consultant and Department concur that the Contact generates an autonomous contractor relationship as opposed to a service or employment form of relationship. The Department will not offer Contractor any form of employment benefit. Besides, neither the Department nor the Consultant may bind the other Contract party.

  1. Product or Services and Department Support

(a) Contractor shall;

  • Establish why the Department’s project teams have not been meeting the set productivity targets semi-annually for three years and file reports thereof with Department
  • Establish why the Department’s project teams have not been offering patient-related information within the set timelines semi-annually for three years and file reports thereof with Department

(b)The Department may request for other consulting services from the Consultant in writing periodically, and Consultant concurs, in line with this Contract’s conditions and terms, to offer the additional services and reports thereof when the Contract is still effective.

(c) Consultant recognizes that Department does not purpose to gain any confidential information, know-how, trade-secrets or related intellectual property acquired by Consultant from other parties, including the hospital. The Department concurs that when Consultant is offering the Contract services, he or she shall not bee obligated to disclose or utilize the intellectual property of Consultant’s former clients or current clients.

(d)  So as to enter the Contract, Department agrees and acknowledges that in case there is a disagreement regarding the quality of the services offered by Consultant as per the Contract, the Department shall notify Consultant promptly.

(e) So as to enter the Contract, Department agrees and acknowledges that in case there is a disagreement regarding the obligations of Consultant as per the Contract; the Department shall notify Consultant promptly.

(f) The Contract’s terms shall always take precedence over the obligations of Consultant to Department to establish why the Department’s project teams have not been meeting the set productivity targets and file reports thereof.

(g) The Contract’s terms shall always take precedence over the obligations of Consultant to Department to establish why the Department’s project teams have not been offering patient-related information within the set timelines and file reports thereof.

  1. Confidentially, schedule and Feedback

(a)  Regarding the services offered by Consultant, Department may reveal to Consultant proprietary and confidential information. The Consultant may as well generate such information within the Contract’s scope

(b) Consultant is always obligated to keep all the proprietary and confidential information offered by the Department confidential.

(c) Department is always obligated to keep all the proprietary and confidential information offered by the Consultant confidential.

(d) Department will be filing reports regarding the Contract services with Department after every six months starting on the Contract’s effective date.

(e) Department shall establish why the Department’s project teams have not been meeting the set productivity targets semi-annually for three years and file reports thereof with Department.

(f) Department shall establish why the Department’s project teams have not been offering patient-related information within the set timelines semi-annually for three years and file reports thereof with Department.

(g) The Contract shall be effective from a period of three years starting on the Contract’s effective date.

(h) All the communications and feedback from Department to Consultant or Consultant to Department shall be in writing.

CONSEQUENTLY, the Contract parties deliberately are in agreement that neither of them may assign the Contract devoid of the in-print authority of the other.

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